Cairo – Mubasher: The Central Bank of Egypt (CBE) will issue treasury bills (T-bills) worth EGP 18.75 billion on Sunday on behalf of the Ministry of Finance (MoF). 

The first tranche of the T-bills, valued at EGP 9.25 billion, will be offered through 91-day notes, whereas the second tranche stands at EGP 9.5 billion and will be offered through 266-day notes, the CBE revealed via its official website.

The issuance will be used to finance the North African nation’s budget deficit, the CBE added.

At the end of May, total foreign holdings of Egypt's sovereign debt instruments hit $17 billion, board member of the CBE Fakhry El Fekki previously told Mubasher.      

In mid-June, net foreign investments in Egypt’s public debt instruments registered $19.2 billion, deputy finance minister Ahmed Kouchouk told Reuters.   

Egypt’s debt instruments are considered attractive to foreign investors owing to their high yield. State-run banks are the largest holders of the government’s debt instruments.